Paytm announced on Friday the launch of a new coronavirus insurance policy in conjunction with Reliance General Insurance. The general insurer, who launched a dedicated Covid-19 protection insurance cover a few days ago, is offered a group platform with a wide range of insured capital options ranging from Rs 25,000 to Rs 2 lakh.
In the past, insurers like Star Health and Allied Insurance, ICICI Lombard General Insurance and Digit Insurance have launched insurance coverage dedicated to viral disease. However, Reliance General Insurance offers “Travel Exclusion Removal”, which is an add-on that provides a waiver of the 45-day Travel Exclusion Policy and allows the insured to claim 100% of the sum insured. if it is positive.
Rakesh Jain, ED and CEO of Reliance General Insurance, said, âGiven the current crisis, Covid-19 protective insurance is a must-have product for customers, even if they have existing health coverage. At Reliance General Insurance, we have designed this product to reduce the financial implications that this pandemic can bring to an individual by offering them a lump sum policy, regardless of the cost of treatment. So that they can focus only on their well-being and that of their loved ones.
In Reliance Covid-19 Protection Insurance, basic coverage will have a premium of Rs 255 for an insured sum of Rs 25,000 and Rs 1,020 premium for coverage of Rs 1 lakh. Premiums shown are per person and exclude GST. Premiums increase if policyholders choose other supplemental coverages such as quarantine coverage, travel exclusion exemption, and loss of wages and loss of employment. This contract offers 100% of the insured capital in the event of a positive diagnosis of Covid-19 and 50% of the insured capital during quarantine. Anyone aged 3 months to 60 years can take advantage of the policy
On the other hand, the collective health coverage offered by ICICI Lombard is priced at a premium of Rs 149 per employee and provides an insured sum of Rs 25,000, including value added benefits such as health assistance and CHAT / virtual assistance, tele-consultation and ambulance rescue.
Reliance General Insurance and ICICI Lombard products will be offered on the group’s platform. While individuals can purchase a Star Novel coronavirus insurance policy through Star Health and Allied Insurance, a benefits policy to cover anyone who tests positive for the current novel pandemic coronavirus and requires hospitalization. The Star Novel Coronavirus policy is available under two sum insured options of Rs 21,000 and Rs 42,000 at premiums of Rs 459 plus GST and Rs 918 plus GST, respectively.